BUENOS AIRES, Nov 24 (Reuters) – The Argentine stock market was operating with selective improvements in the opening on Wednesday in a cautious and reduced business framework, awaiting the presentation of an economic plan after the defeat of the ruling party in the recent legislative elections.
The leading S&P Merval index improved 0.54%, to 84,222.68 units, at 11:05 a.m. local time (1405 GMT), after losing 2.24% in the previous session and accumulating a drop of 11.31% since the results of the midterm elections were known.
President Alberto Fernández said that “in the first week of December we will send a bill that spells out the multi-year economic program” within the framework of a blocked negotiation for millionaire debt with the International Monetary Fund (IMF).
“The expectation is that an agreement will be reached with the IMF
but with ‘soft’ conditions that avoid a strong
recessive shock, but it will doubtfully be enough to
regain market confidence, “said clearing and settlement agent Neix.
(Reporting by Walter Bianchi; Edited by Jorge Otaola)